BIS fearful over fiscal crunch

The public debt crisis risks damaging the long-run economic performance of advanced economies, the Bank for International Settlements has warned.

Long a problem, owing to the looming burden of rising numbers of pensioners, the BIS noted in its Annual Report, out Monday, that the financial turmoil had accelerated and exacerbated the debt crisis. Since the beginning of the crisis in 2007, the debt-to-GDP ratio had soared by about 30 percentage points. And, on government estimates, public debt in a

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